Five senior executives leave Nykaa; company calls it business as usual

Nykaa rivals conglomerates such as Tata and Reliance both of which have interests in the beauty products industry

Five senior executives at India's Nykaa have tendered their resignations, a spokesperson said to news agencies on Friday. The development comes at a time when the company is facing increased competition, and its stock price has plummeted.

Executives who have resigned include Chief Commercial Operations Officer Manoj Gandhi, Chief Business Officer of the fashion division, Gopal Asthana, and Chief Executive Officer of wholesale business Vikas Gupta.

Shuchi Pandya, vice president of Nykaa's fashion division business and Lalit Pruthi, who was vice president of finance at the fashion unit, have also decided to